Two months on from this year’s torrential downpours, event organisers are counting the cost of the wettest summer in history. With 14,500 insurance claims in June and July, the total overall cost to British businesses is…
Two months on from this year’s torrential downpours, event organisers are counting the cost of the wettest summer in history. With 14,500 insurance claims in June and July, the total overall cost to British businesses is estimated to be around £1.3bn*, with the events industry in particular hit hard by the adverse weather.
The summer flooding resulted in many organisers’ events being washed out and cancelled leaving them, in many cases, with substantial cancellation costs. For organisers whose events went ahead, many had to pay out additional costs to repair flood damaged ground to allow them to set up for their event.
Elizabeth Seeger, product expert for specialist event insurance provider, Insurex Expo-Sure, a division of Hiscox, explained: “As an event organiser you can often be at the mercy of the weather and this summer has taken its toll on the industry. Even those hosting indoor events can do little about flooding that, even if it leaves the venue intact, could prevent people travelling or might even result in the loss of electrical power.”
“And even if you managed to get your event successfully staged, it is not only the weather on the day of the event itself that can cause problems. Organisers also need to be aware that they could face significant reparation costs to return the ground to the venue owner in an acceptable condition following their event.”
To help ensure an organisers’ event does not turn a healthy profit into a financial loss following bad weather or any other unforeseen circumstances, Insurex Expo-Sure has outlined its top ten risk management tips to consider when planning an event:
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
